Ayala Corp. reported unaudited consolidated earnings results for the year ended December 31, 2011. The consolidated unaudited reported net income attributable to owners of parent reached PHP 9.4 billion in 2011. This was 16% lower than reported net income in 2010 of PHP 11.16 billion, which included an extraordinary net gain of PHP 3.6 billion versus only PHP 611 million this year. Excluding extraordinary gains this year and last year, net income grew by 16% year-on-year. The strong growth in recurring earnings was driven by core businesses in real estate, banking, and water as well as improvements in its international real estate business and BPO businesses. Income before income tax was PHP 19.667 billion against PHP 18.885 billion of prior year. The Ayala group has allotted PHP 91 billion for capital expenditures this year, an increase of 38% from capital expenditures last year. The bulk of this year's allotment is for real estate development, network improvement in its telecom unit, and acquisitions as well as investments in its water business.